Home Business FG Approves N19.18bn Loan For Nine Local Cotton Processors

FG Approves N19.18bn Loan For Nine Local Cotton Processors

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The Federal Government has approved the sum of N19.18 billion to produce quality cotton seeds to revive the nation’s value chain in the cotton, textiles and garments sector.

Speaking at a high-level meeting in Abuja, Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele explained that nine firms will be given the funds as the government targets to achieve self-sufficiency in cotton production and textile materials within the next three years.

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The apex bank signed a Memorandum of Understanding (MoU) with all the uniformed organisations in the country at the meeting.

“We are improving the linkage between cotton farmers and ginneries by ensuring that ginneries are able to obtain a high-quality cotton product produced by these farmers.

“In this regards, approval had already been given to the tune of 19.18bn to finance 9 ginneries with a view to retooling their processing plants, while providing them with improved access to finance at single-digit interest rates.”

The CBN Governor said the investment will help stop the $4bn lost annually to imported textiles.

According to him, the terms of the agreement guarantees all uniformed Federal Government agencies would source all their uniform needs from local textiles and garments factories.

He added that the same gesture will be made to the textile and garment firms

“This is to help sustain their operations and improve their production capacities.

“The same support will be extended to textile and garment firms, we have invested heavily in our local textile and garment factories to retool and produce assorted uniforms for our uniform services that meet international standards.”

The uniformed organisations present to sign the agreement include The Nigerian Police, Nigerian Army, Navy, Air Force, Civil Defence, Correctional Services, Nigerian Customs, NYSC, Road Safety Corp, Immigration, Federal Fire Service and Nigerian Drugs Law Enforcement Agency.

Source: Channel TV

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